I was thinking the other day about Online Franchise and how they could put this into the game, BUT not have all 30 teams if you decided to, as with the long NHL season, I doubt people would get through more then 1 season. Killgod help me out here if I'm wrong, as I'm going a lot by what The Show seems to do from basically looking at your league.
Basically make it so that you have the options at running all 30 teams, or just the teams selected. Obviously decide on trading and such, but if it is a OF, that needs to happen.
So say you get 10 teams, and you select just to use those ten, set divisions and pick the number of games you want to play in a season. I think this is where the controls could be endles, because if you select 20 games, you can have the option to play every team twice, play only division, or division three times, other division once. Lot's of open options to do for that. Have the game make a schedule up, and then like The Show, open blocks of games, or just allow people like they do now, to play as much as they want, but have every game listed so that you can sim it. So if say the guys who are Toronto/Boston are slow as fuck, you can just go to that game and hit sim and away it goes. This is why I think a generated schedule would need to happen and not this "pick how many games you'll play" bullshit. The owner of the league should be able to see every game listed in a long list, and can sim whatever he wants to if needed. I'd say it would be up to the league if they wanted to follow the schedule or move off it, but having something set in advance would work well.
Then just run the OF as normal, with minor's a draft and all that jazz. I don't really know how to deal with the issue is having only 10 teams and what happens to the players on the other 20. Do they go into a free agent list, or are they just removed and that is that. OF is just insanely hard with hockey and its huge season.